How are draws from your business taxed?
Taking money out of your business as an owner is a common practice, but it’s essential to understand how these “draws” work—especially when it comes to taxes. Here’s a quick guide to help you navigate the process. What Is a Business Draw? A draw allows a business owner to withdraw funds from the business for […]
Deducting Business Expenses
What are some common business expenses I can deduct? Deductible business expenses can help reduce your taxable income and lower your overall tax liability. The specific expenses you can deduct depend on the type of business you own, its structure (e.g., sole proprietorship, LLC, corporation), and the tax laws in your country. However, here are […]
Corporate Transparency Act (BOI Filing)
The Corporate Transparency Act (CTA) mandates that certain U.S. business entities report their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This requirement aims to enhance transparency and combat financial crimes by identifying individuals who own or control companies. Recent Legal Developments: December 3, 2024: The U.S. District Court for the Eastern […]
5 Tips to Be Prepared for Tax Season
Tax season can be overwhelming, but with a little preparation, you can reduce stress and maximize your tax savings. Here are five essential tips to help you get ahead of the game: 1. Organize Your Documents Early Gather all necessary documents such as W-2s, 1099s, investment statements, and receipts for deductible expenses. Use a folder […]